A lot of people have also been saying positive things about Upgrade Personal Loans because they offer flexible repayment options and help people with bad credit get the money that they need. There is also positive feedback about the straightforward process of application and the accessibility of Upgrade Personal Loans to less creditworthy applicants.
Qualifying for Upgrade Personal Loan
Upgrade Personal Loan is a loan product that offers a higher loan amount than the standard personal loan. It is available for repayments of up to 7 years and provides a lower interest rate than the standard personal loan. To qualify, borrowers must meet the following criteria:
Credit Score Required: Upgrade requires applicants to have a minimum credit score of 560. This is relatively lower compared to traditional personal loans that necessitate a credit score of 800 above for creditworthiness.
Income required: Upgrade didn’t disclose any income requirements. This means that applicants can have a free cash flow of any weight and with a DTI of around 40%.
Upgrade Personal Loan Details
Personal Loan Amount: With Upgrade Personal Loan, applicants can borrow $1,000 to $50,000. But keep in mind that most of the loan amounts they offer are limited to $25,000 or less, except if the borrower really has a good credit score and history. Moreover, borrowers in Georgia must borrow a minimum loan amount of $3,000 and $6,400 for borrowers in Massachusetts.
Loan Terms: The loan terms of Upgrade can vary between the reimbursement periods of two to seven years (2 to 7 years). This kind of loan term is considered ‘moderately flexible’ because most online lending company terms only give borrowers a reimbursement period of 3 to 5 years.
How to apply for Upgrade Personal Loans?
The online application process of Upgrade made it easy for borrowers to apply for their personal loans. But before submitting an application, one must first check the following:
- Credit score required
- Preferred loan term and loan amount
- Purpose of the loan
- Personal information needed
- Then, submit an application through Upgrade’s online form from their website. It is also necessary to provide at least one government identification card, pay stub, and even bank statements.
- Once submitted, check the application status through the email used upon application.
- Upgrade will send a loan offer and the borrower must accept it and proceed with bank information details.
- Finally, wait for the borrowed funds. Typically, the money will reflect on the borrower’s bank account within 4 days after approval.
Frequently Asked Questions:
Does Upgrade have good customer service?
- A lot of people are complaining about the long waiting time they have to suffer before talking to an Upgrade customer representative. There are also instances that which the approval periods of the company are lengthy.
Is Upgrade better than SoFi?
- SoFi offers a larger amount than Upgrade but it deals with higher credit score requirements. Both of the lenders have a term length of 2 to 7 years.
Is Upgrade better than LightStream?
- No. Because aside from the maximum amount of LightStream, it is also better than Upgrade because of the longer loan terms it offers.
Online personal loan applications are increasing in popularity for a number of reasons. One reason is that it’s easy to apply for one, which means that there are more options for borrowers who have good credit scores but no access to traditional lending institutions.
Another reason is that these loans can be tailored to the borrower’s needs, which means they will only pay back what they borrow and nothing more, making them an attractive option for borrowers who want flexibility and don’t want the hassle of having payments on their credit cards or other loans.
One of the personal loan applications available for anyone is Upgrade. So make sure to take advantage of the beneficial things it offers as well as having quick cash for minor to major needs.